The part where I mentioned that the zero percent capital gains tax and 4% corporate tax may be raised soon was cut out. That's why I said that people who are thinking of moving to Puerto Rico should do so soon, to get grandfathered in at the current rates. It's because I said even if they raise rates, since rates are likely to rise even more in the states, the appeal the tax savings of moving to Puerto Rico in the future may be even greater despite higher Puerto Rican tax rates.
My nephew is moving there. I told him to look you up. Hes trashed out many homes with me, landscaping and other labor jobs. Hes also fluent in spanish and english
"So, I don't want to pay Income Tax on the money I EARN, but I don't want to pay Inflation Tax on the money I "KEEP"." Genius. How eloquently put. I vote for Jerry Norton and Peter Schiff's Weekly Show (a good hour!?). Thank you, Peter, Jerry.
I love that. You don’t pay taxes or very little taxes and then the ability to invest what you saved in not paying tax on it and being able to reinvest it and reinvest it. I don’t think you can really truly calculate what you’re making from not paying tax on something because it just continues to grow!
I lived in Puerto Rico on and off throughout my years west coast, the real paradise! Cost living always low..350 month to rent a home..west is Not like metro area aka San juan..and the lifestyle is the best ever i love it, best place to live, nothing compares to the peoples hospitality and I lived all over...also its full of Americans, white black ,asain reminds me of nyc haha...I was surprised..alot move there to start business on the beach for bars, yoga, surf classes, this is in RINCON...boqueron..mayaguez...relestate is cheap in Puerto...250k a few yrs ago b8g beautifulhomes going 95k...I have family I'm working on this to do air bnb as you do need 2 yrs and be working to buy property on the island which is impossible or I'll go back and be renting and not gonna happen...Puerto Rico has alot of potential in relestate. But if your not having money from outside source hard to live as an average joe in pr, they pay 7.50 no matter you work as a nurse, fast-food, mall, so you need have a source of cash flow as Peter says
Sounds like Schiff and his clients. That’s capitalism for you! Once they have you by the throat they will shake you upside down until all ur pennies fall out of ur pants pockets
Well it’s probably too late to move to PR and reap tax benefits. I’ve had my decree since 2017 and watched people come and go. Since 2020, the Act 20/22 was changed to Act 60 and there’s a bit of a bait and switch going on. Be aware of increased fees, without notice, along with the possibility of no decree at all. The governor of PR is receiving a lot of pressure to do away with the Acts and it’s highly likely newbies won’t receive their decrees. Many people who moved down here are experiencing this right now. On the flip side, it’s a great life here. Cost of living is pretty low. Don’t expect the best services though.
Creating jobs? All that people selling chinese garbage on Amazon and not paying taxes are not creating jobs. Others are investing in real estate, rescuing abandoned properties. Those are at least investing and creating jobs. But locals are struggling with the cost of living. I don't blame them for taking advantage of the scheme, is legal. Is politicians that are to blame and voters for continuing to support them.
It’s not about how much money you have saved it’s about how much money your business is making on a monthly basis already. If you’re already making money then you’re taking your tiny economy there and spending your money there.
If anyone is going to make things fair for income earners, its going to be those who make laws. Otherwise, its a question of taking advantage of loopholes. Currently, Puerto Rico is an incentive for those who dont agree with US taxation, but this like moving your money offshore to Swiss bank accounts. If lots of peoplw move to Puerto Rico, the US will annex it, make it a state and start taxation there.
Mmm, i've watched some videos about this subject, and lot of people say they are investing in the Puerto Rico economy. For example, they invest in Crypto Currencies, and say they have purchased their new home in PR, their children go to private schools, and they buy groceries, clothes, etc. in Puerto Rico. For them that"s "investing in Puerto Rico"! In other words, they confuse their "Cost of Living" (day to day expenses), with "Investing in Puerto Rico's economy"!
Hi, thank you for this great info Jerry and Peter. My question is this - can you have a residence in PR as well as another state in the US, and travel between both, and still keep the same tax savings? Do you need to actually incorporate an LLC within PR? Thanks in advance for any info on this.
Hey Mr Jerry, I have done my due diligence on the subject of real estate wholesaling, and i now belive that i can enough to at the very least start. However, I am quite scared of the fact that I may be doing something illegal. Firstly, i don’t have the means to close on the property if need begging, so i can be accused of fraud (fraud in the inducement). Secondly, if I can’t close on the property and the seller proceeds to sue me for non-performance, I’m afraid that I Will be accused of contract breach and then get ordered to pay a fee for liquidated damages among other things. I’m more than ready to act and at the very least give this an honest shot. But i really don’t wane get in legal trouble. Are me concerns valid? And how can i proceed forward. Ps: Thanks you sincerely for the materiel you have been puting out. They help more that you can imagine.
@@NYSRealtor1 No le haga caso amor. Nadie conocia La Isla Del Encanto hasta que no le beneficie el bolsillo. No tiene nada de malo que se esten aprovechando, simplemente deberian ser por manos indigenas. Esto le ha pasado a todas nuestras tierras bellas. Esto es un llamado para reclamar lo que siempre fue nuestro.
I want to see all those people after they get hit by back to back hurricanes... You are stuck there for 6 months...can't be in the US for more than 90 days. So, where's the freedom of having all this money if you are stuck as a 2nd class citizen in a Unincorporated Territory aka Colony!?
@FlippingMastery So what!? Inmates live in million dollar jails also. The locals are free...you are just a little bird in a cage...that is if you happen to have money...which I don't think you do. LOL... New bona fide residents of PR that are wealthy cannot spend 91 days on the mainland; otherwise, they lose their PR benefits. That doesn't sound like Freedom...you are more restricted that the poor and the homeless of America when it comes to movement. LOL
Why are millionaires and billionaires moving to puerto rico while the other side of it are living in poverty,man this is a sad thing to Watch modern day colonization
Puerto Rico is a horrible place to live just horrible 1 the food sucks 2 the weather is all over the place 3 hot 4 the roads. The good thing is the women
The part where I mentioned that the zero percent capital gains tax and 4% corporate tax may be raised soon was cut out. That's why I said that people who are thinking of moving to Puerto Rico should do so soon, to get grandfathered in at the current rates. It's because I said even if they raise rates, since rates are likely to rise even more in the states, the appeal the tax savings of moving to Puerto Rico in the future may be even greater despite higher Puerto Rican tax rates.
It seems like the only place you don’t get your arguments cut out is your own show. In the RT piece from yesterday a few seconds were also taken out…
I just want to know what kind of real estate investing can be done in the US from PR, so I don't violate IRS rules.🤔
I’ve noticed this too in videos and his community members in PDM have confirmed partial given truths.
@@tommysuria5467
I do believe they have a 1031 exchange in Puerto Rico and zero tax areas on the island
@@RomilCPatel I didn't mean deals in PR; I meant deals from PR in the states....
My nephew is moving there. I told him to look you up. Hes trashed out many homes with me, landscaping and other labor jobs. Hes also fluent in spanish and english
We are new “baby flippers!” and haven’t done a deal, but our desire to make a blueprint for our children is strong and we will be successful!!
"So, I don't want to pay Income Tax on the money I EARN, but I don't want to pay Inflation Tax on the money I "KEEP"."
Genius. How eloquently put.
I vote for Jerry Norton and Peter Schiff's Weekly Show (a good hour!?). Thank you, Peter, Jerry.
That was a brilliant line
I love that. You don’t pay taxes or very little taxes and then the ability to invest what you saved in not paying tax on it and being able to reinvest it and reinvest it. I don’t think you can really truly calculate what you’re making from not paying tax on something because it just continues to grow!
Jerry can you go over what kind of real estate investing can be done in the states from PR with out triggering IRS rules against you?
I lived in Puerto Rico on and off throughout my years west coast, the real paradise! Cost living always low..350 month to rent a home..west is Not like metro area aka San juan..and the lifestyle is the best ever i love it, best place to live, nothing compares to the peoples hospitality and I lived all over...also its full of Americans, white black ,asain reminds me of nyc haha...I was surprised..alot move there to start business on the beach for bars, yoga, surf classes, this is in RINCON...boqueron..mayaguez...relestate is cheap in Puerto...250k a few yrs ago b8g beautifulhomes going 95k...I have family I'm working on this to do air bnb as you do need 2 yrs and be working to buy property on the island which is impossible or I'll go back and be renting and not gonna happen...Puerto Rico has alot of potential in relestate. But if your not having money from outside source hard to live as an average joe in pr, they pay 7.50 no matter you work as a nurse, fast-food, mall, so you need have a source of cash flow as Peter says
I agree with you. I too go back and forth. I love it there
Did his comments on the cost to build and the cost of land make you to reconsider your goals and strategy?
The flaws of the America dream machine are finally coming to light for the non-believers.
Thanks Jerry! Still waiting on my call from the team.
Sounds like Schiff and his clients. That’s capitalism for you! Once they have you by the throat they will shake you upside down until all ur pennies fall out of ur pants pockets
Well it’s probably too late to move to PR and reap tax benefits. I’ve had my decree since 2017 and watched people come and go. Since 2020, the Act 20/22 was changed to Act 60 and there’s a bit of a bait and switch going on. Be aware of increased fees, without notice, along with the possibility of no decree at all. The governor of PR is receiving a lot of pressure to do away with the Acts and it’s highly likely newbies won’t receive their decrees. Many people who moved down here are experiencing this right now.
On the flip side, it’s a great life here. Cost of living is pretty low. Don’t expect the best services though.
Realistically, how much money should i start with if i flip houses? I have 10K Sitting in my account. Just wondering. ?
Creating jobs? All that people selling chinese garbage on Amazon and not paying taxes are not creating jobs. Others are investing in real estate, rescuing abandoned properties. Those are at least investing and creating jobs. But locals are struggling with the cost of living. I don't blame them for taking advantage of the scheme, is legal. Is politicians that are to blame and voters for continuing to support them.
Could you do a video explaining what buyers brokerage means?
It moved to Puerto Rico, how much would you recommend to have saved?
goodness gracious this is a very good question, why is this not being answered even as a passive recommendation??? 🤷🏽♂️🙄😑😒
It’s not about how much money you have saved it’s about how much money your business is making on a monthly basis already. If you’re already making money then you’re taking your tiny economy there and spending your money there.
If anyone is going to make things fair for income earners, its going to be those who make laws. Otherwise, its a question of taking advantage of loopholes. Currently, Puerto Rico is an incentive for those who dont agree with US taxation, but this like moving your money offshore to Swiss bank accounts. If lots of peoplw move to Puerto Rico, the US will annex it, make it a state and start taxation there.
You guys are definitely onto something...More videos on Puerto Rico.
Jerry, can u do a video where you do a double closing deal
Jerry I’m retired and live in FL. (Vet).
I am originally from PR and I can easily move there to work RE. Need help?
Great video!
Mmm, i've watched some videos about this subject, and lot of people say they are investing in the Puerto Rico economy. For example, they invest in Crypto Currencies, and say they have purchased their new home in PR, their children go to private schools, and they buy groceries, clothes, etc. in Puerto Rico. For them that"s "investing in Puerto Rico"! In other words, they confuse their "Cost of Living" (day to day expenses), with "Investing in Puerto Rico's economy"!
Legendary. Looking for a project manager Jerry?
More r.e videos on Puerto Rico please
Hi, thank you for this great info Jerry and Peter. My question is this - can you have a residence in PR as well as another state in the US, and travel between both, and still keep the same tax savings? Do you need to actually incorporate an LLC within PR? Thanks in advance for any info on this.
yes you have to move your entity and residence to PR
Great video! We are ramping up production on my Instagram and RUclips to try and keep up! Keep inspiring real estate professionals!
If that isn't financial literacy then I don't know what is.
Fantastic video 🤙
3:00 Hurricanes , death, etc
Jerry I have the knowledge but how do I get rid of my call reluctance
TTP
@@tommysuria5467 what does that mean
@@calebgoated3428 put it on RUclips search TTP Brent Daniels
Hey Mr Jerry, I have done my due diligence on the subject of real estate wholesaling, and i now belive that i can enough to at the very least start. However, I am quite scared of the fact that I may be doing something illegal. Firstly, i don’t have the means to close on the property if need begging, so i can be accused of fraud (fraud in the inducement). Secondly, if I can’t close on the property and the seller proceeds to sue me for non-performance, I’m afraid that I Will be accused of contract breach and then get ordered to pay a fee for liquidated damages among other things. I’m more than ready to act and at the very least give this an honest shot. But i really don’t wane get in legal trouble. Are me concerns valid? And how can i proceed forward.
Ps: Thanks you sincerely for the materiel you have been puting out. They help more that you can imagine.
Do it the right way! UseJerrysMoney.com
ask Peter about Harry Dent.
Carribean Sea, not Caribbean Ocean 🤣🤣🙌 love your videos though. Still studying everything. 🧐
is there stable strong fast internet there? and co working spaces? cafes to work from? this is more important than clean water, ...
Yes, yes, yes
All over.
Co-working spaces, yes. Internet and electric service suck.
This is breaking my heart...
Yeah- Puerto Rico is a crappy place.. It's a shame we have to move there to save on ridiculously high taxes
@@justarandomstranger6467 Please explain what reasons do you have by saying PR is a crappy place. Not so
@@NYSRealtor1 No le haga caso amor. Nadie conocia La Isla Del Encanto hasta que no le beneficie el bolsillo.
No tiene nada de malo que se esten aprovechando, simplemente deberian ser por manos indigenas. Esto le ha pasado a todas nuestras tierras bellas. Esto es un llamado para reclamar lo que siempre fue nuestro.
@@justarandomstranger6467 If you're moving here it can't be that crappy and if it is, there's a whole planet for you to explore.
Jerry!! Where in PR do you suggest we move to?! Somewhere walking distance to you- so I can shadow you! 🤣 I’m dead serious !!!
2:50
The cost is going to be the upcoming Weather Events.
I want to see all those people after they get hit by back to back hurricanes...
You are stuck there for 6 months...can't be in the US for more than 90 days.
So, where's the freedom of having all this money if you are stuck as a 2nd class citizen in a Unincorporated Territory aka Colony!?
I live in a resort community in a $4m house..🤔
@FlippingMastery So what!?
Inmates live in million dollar jails also.
The locals are free...you are just a little bird in a cage...that is if you happen to have money...which I don't think you do.
LOL...
New bona fide residents of PR that are wealthy cannot spend 91 days on the mainland; otherwise, they lose their PR benefits.
That doesn't sound like Freedom...you are more restricted that the poor and the homeless of America when it comes to movement. LOL
Good stuff Jerry
Puerto Rico uses US dollars, what is Peter talking about when he’s saying he’s not going to be hit with the inflation tax?
He doesn't keep dollars for long. He uses it to buy foreign assets, gold, and properties.
Because his income doesn’t come from American companies, so his earnings are in other currencies, that is how I understand it anyway
theres no way ill ever have enough money to invest in anything
Why are millionaires and billionaires moving to puerto rico while the other side of it are living in poverty,man this is a sad thing to
Watch modern day colonization
🤯🙌
Don't move to Puerto Rico The Gangs will charge you a few for living and having a business there 😂😂😂😂
Lmaooooo fax
Not true
In Mexico will be taxed by the cartels if u are running any kind of Buissness in Mexico and if u refuse u will disappear
Factssss he not in purto Rico he where immigrants be at close to water Europeans always try come people country think they run stuff
Lmao, only in lower income places. "Entrepreneurs" has a whole gated community and their own world out there in PR.
Puerto Rico is a horrible place to live just horrible 1 the food sucks 2 the weather is all over the place 3 hot 4 the roads. The good thing is the women
Peter could live in the US like a king even paying super high taxes he still a multy millioner that shows me he want even more money GREEDY